TRANSPORTATION/PUBLIC WORKS–Province Building Stronger Roads inInverness County The Department of Transportation and Public Works highways division manages more than 23,000 kilometres of roads in NovaScotia. It maintains an inventory of 3,800 bridges and operatesseven provincial ferries. Staff provide services from districtoffices located in Bridgewater, Bedford, Truro and Sydney. Government spent $88.5 million in capital dollars on Cape Bretonroads and bridges over the last five years. Nova Scotia is planning to build stronger roads and generategreater prosperity in Inverness County. Tenders were announced recently this week for two paving jobs in Inverness County, including a substantial repaving project onthe Cabot Trail. “Strong roads help build a strong economy,” said Ron Russell,Minister of Transportation and Public Works. “We are puttingdollars into our transportation network and these investmentswill help Nova Scotia compete locally and internationally.” The department plans to pave part of the Chemin De L’anse De BoisMaries and to repave 8.3 kilometres of the Cabot Trail from PointDe Havre Road north to Cape Breton Highlands National Park. Thework is to be completed by June 15. The province also plans to do surface treatment to severalsections of Inverness County roads, including: North Highlands Road, from Trunk 19 to Foote Cape Road, about 1.3 kilometres; Shore Road, South Harbour, from the Cabot Trail south about 2.2 kilometres; and Trunk 19, from Campbell Road north, about 3.6 kilometres.
TORONTO – North American stock markets plunged Wednesday as a disappointing read on American retail sales deepened pessimism about the state of the global economy.Here are the closing numbersTSX — 13,869.88 -166.80 -1.19%S&P 500 — 1,862.49 -15.21 -0.81%Dow — 16,141.74-173.45 -1.06%Nasdaq — 4,215.32 -11.85 -0.28%Indexes closed well above the worst levels of the session but the S&P/TSX composite index still tumbled 166.8 points to 13,869.88 as the TSX fell further into correction territory, losing 12% since the record highs of last month and close to shedding all its gains for the year. The stock index fell to its lowest level in eight months.U.S. markets moved closer to a formal correction, defined as a plunge of at least 10% from recent highs. The Dow Jones industrials fell 173.45 points to 16,141.74, the Nasdaq lost 11.85 points to 4,215.32 and the S&P 500 index declined 15.21 points to 1,862.49.Worries about the economy deepened as U.S. retail sales for September came in weaker than expected, falling 0.3% amid broad weakness against the 0.1% decline that economists had expected.“Overall, this is a setback for consumer spending and suggests downside risk for Q3 growth,” said BMO Capital Markets senior economist Jennifer Lee.The Canadian dollar edged up 0.38 of a cent to 88.83 cents US as the greenback weakened following release of the retail data. Traders were unmoved by data in the Federal Reserve’s latest economic survey showing that most regions across the U.S. saw modest or moderate economic growth in September.Markets have headed steadily downward since last month but the sell-off gained momentum last week as a string of disappointing German economic data raised concerns that Europe’s biggest economy could be headed back into recession. Also, the International Monetary Fund again revised downward its global growth projections.Growth concerns have particularly hammered oil prices, which have fallen to 2 1/2 year lows after the International Energy Agency slashed its oil-demand growth forecast for this year by more than a fifth. On Wednesday, November crude in New York was six cents lower at US$81.78 a barrel.The TSX energy sector has been the major weight on the Toronto market, plunging 19% over the last month. It was down another 0.57% Wednesday.The sell-off on markets is also taking place amid a number of other concerns, including the end this month of the Federal Reserve’s latest round of quantitative easing, the program of massive bond purchases that has kept long-term rates low and fuelled a rally on stock markets over the last few years.The state of the European economy has also depressed the euro and pushed the U.S. dollar higher. The higher greenback has helped depress commodity prices and raised concerns that it could weigh on the earnings of American multinationals.New York indexes have yet to close in correction territory. Still, the Dow has lost almost seven% since Sept. 19 while the S&P 500 has fallen just eight%. Both indexes had been at or close to record levels and a correction has been widely expected since there hadn’t been a retracement in three years.And now that the retracement is gaining momentum, analysts caution that the sell-off likely has a way to go. “Peak to trough, we can easily correct anywhere from eight to 13% without really altering the long-term picture,” said Sid Mokhtari, a market technician at CIBC World Markets.“We’re getting closer to a good bottom. We should put things into perspective and not necessarily fear what is coming at us at this point.”The financials group was also a major weight, down 2.5% amid earnings disappointments from Bank of America and U.S. lender Keycorp.The TSX also felt added pressure from the base metals group, down another 3.5% for a loss of more than 20% over the last month as December copper gave back eight cents to US$3.01 a pound.Rail stocks continued to fall alongside miners, taking the industrial group down%.The gold sector was flat as bullion prices erased early losses as the flight to safety pushed December bullion up $10.50 to US$1,244.8 an ounce.TOP STORIESApple Inc expected to launch new iPads as it seeks to jumpstart tablet salesDeath of cable? HBO announces plans to offer stand-alone online service next yearDavid Rosenberg: Take a deep breath and remember the most important thing for building wealthThe $11 billion in mortgage payments the Bank of Canada doesn’t know aboutGoogle’s giant 6-inch Nexus 6 phone will be available for pre-order this month starting at $749WHAT’S ON DECK THURSDAYECONOMIC NEWSCANADA8:30 a.m. Manufacturing Sales & Orders (Aug): Economists expect decline of 2% International Securities transactions: Economists expect $7-billionUNITED STATES8:30 a.m. Weekly jobless claims: Economists expect 290,000 new claims, up from last week9:15 a.m. Industrial production and capacity utilization (Sept): Economists expect 0.4% rise in production and 79% capacity10 a.m. NAHB Housing Index (Oct)10 a.m. Philadelphia Fed Index: Economists expect reading of 19.8CORPORATE NEWS Apple Inc expected to unveil new iPads at media event at 1 p.m. ETUNITED STATES Capital One Financial Corp Q3 earnings: Analysts expect US$1.94 a share Delta Air Lines Q3 earnings: Analysts expect US$1.17 Google Inc Q3 earnings: Analysts expect US$6.53 Goldman Sachs Q3 earnings: Analysts expect US$3.21 Mattel Inc Q3 earnings: Analysts expect US$1.02 Philip Morris International Q3 earnings: Analysts expect US$1.33 Schlumberger NV Q3 earnings: Analysts expect US$1.46